A benchmark index of Indian equities markets surged more than 556 points Monday to touch a new life-time high so far of 23,572.88 points on the back of growing optimism that Narendra Modi-led Bharatiya Janata Party (BJP) would be able to form a stable government post general elections that ends this week.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which crossed the 23,000 points for the first time last week, opened Monday’s trade at 23,031.11 points, and ended trade at 23,551 points, a record closing high (provisional), up 556.77 points or 2.42 percent from the previous day’s close at 22,994.23 points.

The Sensex touched a high of 23,572.88 points and a low of 23,008.65 points in intra-day trade.

The rally was led by the automobile, bank, oil and gas, metal and fast moving consumer goods (FMCG) sectors.

All sectoral indices of the BSE made gains.

The S&P BSE automobile index gained 394.52 points, bank index surged by 392.29 points, capital goods index gained 349.73 points, oil and gas index went up by 309.89 points, metal index moved up by 241.18 points and FMCG index edged higher by 172.27 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) too closed at a record high. It surged 155.45 points or 2.27 percent and closed at 7,014.25 points before climbing to an all time high of 7,020.05 points.